Bank of China New York opens Queens branch

Updated: 2014-06-27 22:26

By AMY HE in New York (China Daily USA)

Bank of China opened its newest New York branch in Flushing, Queens, home to the second-biggest Chinese and Chinese American population in New York City, relocating its Chinatown branch from Manhattan.

Bank of China opened its first US branch in New York in 1981 and has four American branches, two in New York, one in Chicago and one in Los Angeles.

At the opening ceremony on Friday were Sun Guoxiang, consul general of the People's Republic of China in New York, Zhu Shumin, executive vice-president of Bank of China, Grace Meng, US congresswoman, and Peter Koo, New York City councilman.

"Over the past 33 years, the Bank of China New York branch has come to explore new business ties and areas with better services and has played a very important role in supporting the bilateral trade and investment between our two countries," Sun said during the ceremony. "The establishment of the Queens branch marks another strategic step for Bank of China to expand its presence in the United States. By facilitating financial services for both the Chinese and US clients, Bank of China will be able to create more jobs, promote local economic growth, and make further contributions to the China-US friendship."

Koo, who was elected to the City Council in 2009 and represents Flushing among other neighborhoods in Queens, said that Bank of China's new branch will help enhance the image of Queens as a local financial center.

Flushing is home to more than 33,000 Chinese residents, according to the latest US Census, and attracts developers from China, Taiwan, and beyond, so Bank of China will encourage even more small business growth, he said. "And I also want to encourage local residents to deposit your money here. This is a win-win situation. Use other people's money, use the bank's money!" Koo joked.

"Now that the Queens branch is open for business in Flushing, just the catchphrase goes, ‘The next big thing here, is here.' And in fact, branch relocation may be a hard choice, but we go where you go. The new branch is a big move and a fresh start for Bank of China New York to serve a greater community," said Wu Shiqiang, president of Bank of China USA.

Carlton Vann, director of the mayor's office for international affairs, was at the bank's opening ceremony on behalf of Mayor Bill de Blasio and read remarks from him.

"As an international capital of finance, New York City is the proud home of banks and financial institutions from around the world. Many of these companies play an important role in the communities they serve, offering our residence of diverse backgrounds and an array of options to meet their needs," he quoted the mayor as saying. "The Bank of China has long strengthened our neighborhoods, connecting individuals and businesses with opportunities to thrive and grow, and I'm delighted to join them as they open their new location here in Flushing."

Bank of China New York's main headquarters and other Manhattan location is on Madison Avenue. Its previous Manhattan location was on East Broadway in Chinatown. The full-service Flushing branch is on the corner of Main Street and Franklin Avenue, and offers services in corporate lending and deposits, foreign currency exchange, renminbi cash service, as well as personal deposit and remittance.

City councilman Peter Koo (left) speaks with Sun Guoxiang (second from right), China's consul general in New York, and executives of Bank of China at the bank's opening in Flushing, Queens on Friday. Amy He / China Daily